Outside Market Spillover Brings Down Grain Markets

Outside Market Spillover Brings Down Grain Markets
I’m KayDee Gilkey with the Market Line Report for April 16, 2013. ?
Another day of heavy selling in gold and news that China's GDP was up a
slower-than-expected 7.7 percent in the first quarter from a year ago pressured
Monday's grain prices lower. Meanwhile, the U.S. wheat crop continues to
contend with adverse weather.From the floor of the CME Group, Greg Wagner shares his observations of Monday’s markets.

Wagner: “Well, I tell you, its been an absolutely brutal down day across the grain markets with corn, soybeans and wheat registering double digit losses in both old crop and as well as the new crop contracts. Now the catalyst in this -- this is definitely one of those risk off days. You had a spillover effect with the gold market absolutely melting down.”

Chicago May Wheat ended Monday down 21 cents at 6-93 and 3/4. May corn ended the day down 11 and 3/4 cents at 6-46 and 3/4.??Portland prices for soft white wheat and club wheat were down 20 to 21 cents at mostly 7-82. Hard Red Winter Wheat with 11.5 pct protein prices were down 20 and 1/2 cents at mostly 8-72 and 1/2. DNS wheat with 14 pct protein prices were down 9 and 3/4 to 18 and 3/4 cents at mostly 9-19. ??June live cattle were down Monday 92 and half cents at 119-82 and half. May Feeder cattle were down $1.12 and half at 139-80. May class III milk was up a penny at 18-86.